0% cards most likely to accept an £8k transfer?

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  • How do you do a soft search ? and will it show up on my credit file if I get turned down ?
  • Candyapple
    Candyapple Posts: 3,384 Forumite
    First Post First Anniversary Combo Breaker Intrepid Forum Explorer
    lckydb wrote: »
    How do you do a soft search ? and will it show up on my credit file if I get turned down ?

    Use the eligibility checker here:
    https://www.moneysavingexpert.com/eligibility/credit-cards/

    A soft search will show on your files but is only visible to you and not seen by any lenders. There is no decline with a soft search, it just tells you what chances you have of obtaining a card.

    Once you've chosen a card you want to apply for, that is when the hard search is performed. If you get declined at this stage yes it still shows on your files as a hard search, there won't be any info saying you were declined, but if a lender was to search your files it would be pretty obvious if after a month no new account was showing on your files that you were declined.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • Candyapple wrote: »
    Use the eligibility checker here:
    MSE Link was here - had to remove as I'm a new poster!

    A soft search will show on your files but is only visible to you and not seen by any lenders. There is no decline with a soft search, it just tells you what chances you have of obtaining a card.

    Once you've chosen a card you want to apply for, that is when the hard search is performed. If you get declined at this stage yes it still shows on your files as a hard search, there won't be any info saying you were declined, but if a lender was to search your files it would be pretty obvious if after a month no new account was showing on your files that you were declined.


    It might be worth going direct to the provider and doing their own eligibility search as well. On the MSE checker I only had 50% likelyhood with Halifax which I thought was odd, given my circumstances at the time. I eventually went and did the check on the Halifax soft search and it came back with a 95% likelyhood of acceptance. Lots of providers are joining the 'soft search' availability now and it seems to be more accurate than the MSE checker (which is still a good starting point!)
  • savingholmes
    savingholmes Posts: 27,269 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Most new cards haven't offered us a high credit limit. Mine tended to average £500-2K for a new card where existing cards were happy to let us transfer up to our limits which range between £8 and £14K. It can therefore be worth keeping long term cards even if you have to transfer more regularly.

    Remember too that you can split the balance of your card over several cards - doesn't all have to go to one. My DH and I have joint accounts - and a high level of trust - so we flip our CC transfers between our cards in each others names depending on who gets the best offer... Don't do this if you think separation is likely or if it leaves all the debt in one person's financial pocket... We still try to be reasonably balanced beween the two of us...
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • Barclaycard allowed me to do £4800 balance transfer and gave me a limit of £7300.

    They allow you to do balance transfers up to 85-90% of the limit.

    The balance transfer went through without issue.

    Another time I had a card with £3500 limit, I think it was MBNA. I did the balance transfer over the phone and asked to do a £3000 transfer. The idiot operator on the phone responded with whaaat?!? Almost like he owns the bank and doesn't like me doing such a large interest free BT. The operator put the card and amount through and the BT was successful.

    I think the operator didn't experience anyone else doing such a large BT in relation to the account limit. I am guessing that majority of credit card account holders do not use balance transfers to their fullest potential.
  • adindas
    adindas Posts: 6,813 Forumite
    First Anniversary Name Dropper First Post
    edited 10 March 2018 at 11:39AM
    Thanks for your reply. Could anyone suggest credit cards which are more likely to have a higher credit limit or doesn't it work like that??

    Generally speaking :
    1. Major / Prime credit card providers from the high street banks such as Barclay, Lloyds, MBNA, HSBC will be more likely to give you a higher credit limit. But what limit you will get will depend on your personal circumstances and potluck.

    2. Credit builder/subprime credit cards like Aqua, Capital one, ASDA cashback, Vanquis tend to give you a very low limit.

    But (1) is more difficult to get than the (2).
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